The Q1 for Bitcoin this year has been a thrill ride, in short. Starting at relatively high with some dips here and there and ultimately ending with a similar sense of similar high. With all the ups and downs, the first quarter has been the greatest since the dawn of Bitcoin itself. However, if we go, what history tells us, this Q2, similar to the past, will see Bitcoin price moving upwards.
Best first quarter ever
Bitcoin ended its first quarter with 100% gains resulting in this Q1 being the best in history for cryptocurrency. Some events that helped Bitcoin reach this milestone include Elon Musk’s investment in Bitcoin of $1.5 billion and Tesla accepting Bitcoin as payment for their electric car, being the second.
Similar to Tesla, MicroStrategy maintained their purchasing of Bitcoin, which hit the news often. PayPal accepted Bitcoin to be used on their payment platform. All these decisions came as an opportunity for Bitcoin, which capitalized off that.
The second quarter for Bitcoin has always been bullish
As we enter the Q2, looking at historical data of Bitcoin from previous years, it is relatively evident to deduce that Q2 has always been bullish for Bitcoin. There are examples of when Bitcoin in Q1 was in a negative spiral and coming to Q2 made a U-turn quickly jumping back up.
To this day, there has merely been one occurrence of Bitcoin registering a loss in Q2. That occurred in Q2 of 2018 when Bitcoin started at $6,884 and ended the yearly quarter with a drop of 7%, forcing the price at $4,112, respectively.
Bitcoin, on average gain 59.82% in the second quarter, with the highest increase ever coming in 2019 when Bitcoin gained a whopping 157%. The enormous gain of 2019 came due to crypto exchanges making margin trading more accessible and whales interested in the asset at the time.
Will the past repeat itself?
Going by history, the Q2 will follow more adoption as new payment entities integrate with the cryptocurrency. Bitcoin has been deemed the digital gold, which will generate interest from more publicly traded and private companies. Some of them include Tesla, MassMutual, MicroStrategy, and more.
Established names from Wallstreet have also started taking a look at Bitcoin, whereas wealth management firm Goldman Sachs is launching a Bitcoin investment wave soon. Some other prominent Banks such as BNY Mellon and Morgan Stanley are promptly to follow.
The Q1 for Bitcoin was remarkably strong compare to yesteryears, and the assumption of Bitcoin to set a new record high is not that far-fetched, given the history of the cryptocurrency. The cryptocurrency started Q2 at $59,000 and would likely take it to $94,000 if we witness a repeat in the history of a mean 60% gain.